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June 24, 2024
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Sakioka Farms Pays Over $500/sf for Ontario Retail Center


Sakioka Farms purchased New Haven Marketplace, a newly constructed, 95k sf grocery-anchored shopping center located in Ontario, for $54.3 mil ($ 572/sf). The seller was Frontier Real Estate Investments.

Photo: CoStar
Photo: CoStar
New Haven Marketplace is anchored by top-performing grocer, Stater Bros. Situated on 10.06 acres, the property is 100% occupied to diverse tenant mix including Chase Bank, Carl’s Jr, Pacific Dental and Starbucks. Completed in 2021, the property features modern architecture and design, as well as eight separate parcels.

Located at the southwest corner of Ontario Ranch Rd and Haven Ave, New Haven Marketplace is at the epicenter of the master-planned Ontario Ranch community, which will span over 8,000 acres and comprise over 47,000 homes upon completion in 2040. Currently, there are 12,000 units planned or under development within a one-mile radius of the property.

Pete Bethea, Rob Ippolito and Glenn Rudy with Newmark represented the buyer in the deal. The seller was repped by SRS Real Estate Partners.

“New Haven Marketplace represented a unique opportunity to acquire a newly developed, top-performing grocery-anchored center with category-leading tenancy and highly attractive in-place financing in the largest master-planned community in Southern California,” noted Rudy.

According to Newmark Research, retail was the only sector to see an annual increase in U.S. investment sales year-over-year with gateway markets leading the retail rankings, particularly LA Metro. Investment sales across all property sectors declined 15% year-over-year at the end of 2022, while retail sales increased by 4% to $85.7 bil, the highest annual total since 2018.

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